The SEC maintains oversight for the MSRB and enforces MSRB rules. The MSRB is not authorized to regulate municipal bond issuers directly.
Who enforces MSRB?
FINRA is responsible for examining FINRA members that are municipal securities dealers or municipal advisors and for enforcing MSRB rules. In addition, FINRA administers the professional qualifications program for the MSRB.
Who enforces MSRB rules for bank dealers?
The enforcement agencies for the MSRB are: Office of the Comptroller of Currency, Federal Deposit Insurance Corporation, and the Federal Reserve Board for bank dealers that are not registered with FINRA and the SEC and thus are only subject to inspection by the bank regulators; and the SEC and FINRA for broker-dealers.
Is MSRB part of FINRA?
Like the Financial Industry Regulatory Authority (FINRA), the MSRB is a self-regulatory organization that is subject to oversight by the Securities and Exchange Commission (SEC). ... The MSRB's investor protection rules will be extended to protect municipal entities as well.
When must underwriters provide the final official statement to the MSRB?
The issuer must provide copies of the final official statement not later than seven business days after entering into a contract for the sale of securities .
What is MSRB rule?
The Municipal Securities Rulemaking Board, (MSRB), is a regulating body which creates rules and policies for investment firms and banks in the issuing and sale of municipal bonds, notes, and other municipal securities .
Does MSRB enforce?
While the MSRB is the principal regulator of the municipal securities market, the MSRB does not enforce its rules or conduct compliance examinations . ... The mission of the MSRB is to protect investors, state and local governments, and the public interest, by promoting a fair and efficient municipal securities market.
What is MSRB Rule G 37?
MSRB Rule G-37 establishes several requirements affecting municipal securities broker/dealers , including limitations on business activities triggered by political contributions, limitations on soliciting or coordinating political contributions, and broker/dealer recordkeeping and disclosure.
What is MSRB Rule G 11?
Background and Regulatory Justification
MSRB Rule G-11, on primary offering practices, requires brokers, dealers . and municipal securities dealers (collectively, “dealers”) that are. 1 Comments generally are posted on the MSRB's website without change.
When a bond is called the bondholder receives the?
When the bond is called, the bondholder receives the par value (or sometimes a bit more) and does not receive any more coupons. Callable bonds are issued to allow the issuers to hedge against interest rate risk.
Is the Series 53 exam hard?
Passing the MSRB Series 53 exam is a challenging but achievable goal . The benefits of becoming a Municipal Securities Principal – obtaining valuable industry knowledge and significant career advancement opportunities – are well worth the effort. Preparing for this exam requires dedication and rigorous study.
Which of the following enforce MSRB rules for bank dealers that are not registered with FINRA?
The best answer is B. Enforcement of MSRB rules for bank dealers that are not registered as broker-dealers with FINRA is performed by the bank regulatory bodies – the Office of Comptroller of Currency; the Federal Reserve; and the Federal Deposit Insurance Corporation .
Which of these would not be fully covered by SIPC insurance?
Terms in this set (14) Which of these would not be fully covered by SIPC insurance? C, Gold is not a security and is not covered by SIPC. Money markets, ETFs, mutual funds, and junk bonds are all types of securities.
What is an official statement and what financial information is required in the official statement?
Official statements include information about the terms of the bonds and financial information or operating data concerning the issuer of the bonds , as well as other entities, funds or accounts that are material to the bond offering.
What does an official statement mean?
An official statement is a document prepared by or on behalf of a state or local government in connection with a new issue of municipal securities . In some respects, an official statement is comparable to a prospectus for a corporate equity or debt offering.
What is the official statement?
A statement that the issuer of a municipal bond makes before the issue takes place . The official statement describes the issuer and the bond. It is the equivalent of registration of a corporate bond.
